OREANDA-NEWS. S&P Global Ratings assigned its 'AA' rating and negative outlook to Alaska Municipal Bond Bank's (AMBB) $113 million in general obligation bonds, 2016 series three and series four. In addition, we affirmed our 'AA' long-term rating and negative outlook on AMBB's existing debt. The bond bank is a public corporation of, and benefits from certain credit support by, the state of Alaska (AA+/Negative).

"The rating reflects our view of the state's underlying general creditworthiness, and a resolution provision to annually seek an appropriation to replenish debt service reserve to its required level in the event it is drawn upon," said S&P Global Ratings credit analyst Gabriel Petek.

The 2016 series three and series four bonds are the 36th and 37th series of bonds issued under the 2005 general bond resolution. The 2016 series three bond proceeds will be used to make a loan to the city and borough of Juneau for renovation costs and to refund bonds previously issued by Juneau in 2006. The 2016 series four bonds will be used to make a loan to the city of Ketchikan for harbor facility improvements. Both the series three and four bonds will be used to refund all or a portion of the outstanding bonds of the bond bank.